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Get your taxes done using TurboTax
What is classified as improvement you will add to your basis (cost of the house) independently when they occurred. Take the example I told you before. Let's say that the roof repair was in 2020 and you started renting in 2023. Then the basis of your rental, as you enter it in the system, should be $110k not $100k using the date you converted it to rental. Anything improvement needs to be added to the cost of the house. That is whether or not you actually started renting it.
The repairs will be from the moment you made it available for rent.
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‎September 25, 2024
5:19 PM
16,567 Views